Whether it is a non-profit or commercial organization, accounting is its very lifeblood. The accounts of a company are not only indicative of its present financial health and viability, but its future prospects as well.
For this very reason, an organization that has its financial matters in order is more likely to thrive, as compared to entities whose financial management is not all that good. To streamline the finances of a company, you need both human and computing resources.
Another very critical component of a company’s future is that how protected and safe are its financial records. In the business world, many key decisions have a direct or in-direct link with the accounts and finances of the concerned organization.
Related: 14 Reasons You Should Use a Cloud Based Accounting Software
Cloud Computing and Accounting
The accounting and finance industries are rapidly adopting Cloud Computing solutions. One of the major reasons behind this trend is that most professionals associated with finance do not have a strong IT background.
So, instead of managing the complexities of IT in house, accounting and finance companies are rapidly moving towards the Cloud. Cloud computing solutions provide such entities un-rivaled peace of mind, without having the need to learn and manage IT infrastructure.
Before we dig deeper, let us discuss some of the major cloud adoption trends among the accounting and finance sectors, along with the benefits therein.
- No need to manage data security, backups or compliance in the case of the Cloud.
- By year 2023, the size of the cloud accounting market could surpass US $4 Billion.
- Accounting firms and professionals that use the Cloud have 5 times more customers.
- Nearly 67% of accounting professionals tend to prefer cloud accounting.
- 90% of the accounting professionals believe the future of this field is in the Cloud.
SaaS Based Accounting and Finance Solutions
When we explore deeper within cloud solutions, we find that the Software as a Service (SaaS) model tends to be the most popular. The fields of accounting and finance are no exception to this rule.
Due to the immense potential of cloud powered accounting and finance solutions, many organizations are turning to the Cloud for their accounting and finance related workloads. These solutions are offered as per a subscription based pricing model.
This gives accounting firms and professionals the added benefit of paying only for the IT resources that they have actually consumed over the Cloud. Companies, on the other hand, are moving to the Cloud to keep their IT and infrastructure costs under check.
Related: How Can dinCloud Solutions Transform the Finance Sector?
Security of Financial Records
The finances and accounts of any organization are a heavily guarded secret. If the financial position of any company falls into the wrong hands at any given point in time, it could have devastating consequences for its future plans, and their subsequent implementation.
Leading Cloud Service Providers (CSP) like dinCloud offer a robust, multi layered security that is part of the cloud service offering. This not only protects sensitive financial records, but also delivers peace of mind to the business owners that their data is in safe hands.
Compliance Posture
In a lot of cases, financial information has a lot of personally identifiable attributes. It can be bad news, if any such sensitive financial information falls into the wrong hands. With the cloud provider’s robust security, an enterprise can elevate its compliance posture.
A strong compliance posture means that good companies will not feel any hesitation in building business relations with such an entity. Good clients mean more business, which ultimately results in improved financial health of an enterprise.
Access to Real Time Financial Information
In the field of accounting and finance, key management personnel are always interested in the latest financial position. This in turn puts them in a much better position to execute timely business decisions with confidence, and extract handsome gains from the market.
Cloud powered accounting and finance solutions are capable of delivering real time financial information about an entity, in a matter of just a few clicks. A streamlined finance means that the overall affairs of a company are being managed well.
Conclusion
The scalability, security and versatility that is a hallmark of cloud computing solutions make them ideal for the accounting and finance industry. So, it comes as little surprise that people are rapidly shifting their accounting and finance solutions over to the Cloud.
Contact dinCloud for leading cloud solutions for your accounts or finance, and unleash the immense potential of the Cloud.
